Murray International Holdings said they were pleased that a first tier tax tribunal into Rangers’ use of Employee Benefit Trusts has found they are now subject to “minimal tax liability”.

A spokesman said: “We are satisfied that the tax tribunal has now published its widely awaited decision and note the contents.

“We are pleased with the judgment which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH themselves.

“This has been an exceptionally long, difficult and expensive process involving not just the tax tribunal but also significant efforts to resolve the matter with senior HMRC officials on a commercially sensible basis for all parties.

“We will therefore review the detailed content of the decision with our advisers and legal counsel to ascertain what action, if any, is now required by MIH.

“While MIH have at all times respected the privacy of the tax tribunal proceedings, a substantial quantity of confidential information relating to the case has become available for public consumption, stimulating considerable discussion and often ill-informed debate.

“This has been wholly inappropriate and outwith the fundamental principles of natural justice.”

MIH also want a probe into how aspects of the case were leaked.

They believe precise information which emerged at certain times, backing HMRC’s case, could only have come from sources within the taxpayer-funded body.